Monetary and Macroprudential Policies to Manage Capital Flows ePub (Adobe DRM) download by Juan Pablo Medina Guzman

Monetary and Macroprudential Policies to Manage Capital Flows

INTERNATIONAL MONETARY FUND
Publication date: February 2014
ISBN: 9781484302897
Digital Book format: ePub (Adobe DRM)

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We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism. In response to fluctuations in world interest rates, inflation targeting dominates standard Taylor rules, but leads to increased volatility in credit and asset prices. The use of a countercyclical macroprudential instrument in addition to the policy rate improves welfare and has important implications for the conduct of monetary policy. “Leaning against the wind” or augmenting a standard Taylor rule with an argument on credit growth may not be an effective policy response.
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